Cheese has announced the launch of its digital banking platform particularly for Asian-Americans and immigrants living in the US.

The platform will provide zero-fee, rewards-based banking services to the customers. It will also provide the customers with Cheese’s Debit Mastercard that can be used virtually through their mobile wallets.

All US citizens above 18 years of age can open Cheese accounts. The deposits are FDIC insured by Coastal Community Bank.

The accounts will offer advance pay up to two days early with direct deposit and a 3% deposit bonus for referring friends. It will also provide 0.3% Annual Percentage Yield (APY) and up to 10% cash back on purchases at more than ten thousand merchants.

Co-founded by an immigrant and international student in the US Ken Lian, the Cheese banking platform will seek to address the challenges faced by immigrants in securing basic banking services due to a lack of credit history and language barriers.

According to the US Census Bureau, more than 21 million Asian Americans live in the country.

Lian said: “I have always envisioned launching a digital banking platform that someone like me could easily access but also serves a deeper purpose, with the power to positively impact Asian communities. Cheese is that banking platform.”

The start-up has also committed a $100,000 donation to non-profits and community service programmes in support of Asian neighbourhoods.

Cheese has secured $3.6m to date through seed funding from lead investors Ifly.vc and Amplify.

Adam Nash, former CEO of Wealthfront, Zillow Cofounder Spencer Rascoff and venture capital firms Wedbush Ventures, Idealab, and Operate Venture Studio also participated in the funding round.